Songbird Launch Incident Report & Next Steps

Summary

Shortly after the launch of the Songbird-native DEX and token, we learned that there was an issue with minting the full supply of the token. Immediately the team went into action and have been working around the clock to address the issue. We’re taking action now to create an equitable solution and keep users’ funds safe.

What happened?

On 12th of September 2022 at 1500 PM UTC we added liquidity for PSB-SGB, allowing for our coin to be traded. This triggered a price to set on chain at $0.01 USD. At 17:25PM UTC, beta contracts were merged to the main app, and we announced the DEX went live. Emissions were scheduled to start shortly after. At 17:52 PM UTC, there was a problem minting the full supply of the token. The remaining 96% of tokens that weren’t preminted for liquidity and the airdrop were locked in contracts forever.

The planned solution

After discussing viable options, as a group the fastest and fairest solution was to refund SGB to holders to at minimum cover the value of their PSB. Here is the amount for users:

  • DEX contracts to be redeployed
  • An airdrop snapshot to be taken
  • A new treasury vester contract to be prepared
  • Communications to be made in the fastest way possible

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Pangolin Exchange

Pangolin Exchange

1.1K Followers

Pangolin is a multichain decentralized cryptocurrency exchange (DEX) on the Avalanche and Songbird Networks.